Some 68.0% of mortgages originated in 2025 were sold into MBS. Securitization rates were stable across most products, except for expanded-credit mortgages, where the securitization rate increased sharply. (Includes data table.)

Since the U.S. initiated strikes on Iran, mortgage rates and MBS spreads have given up all the ground they gained from the Trump administration’s directive for the GSEs to purchase $200 billion in agency MBS.

Investors are seeking out Ginnie Mae custom pools with better convexity profiles than those of forward trading multiple-issuer pools, causing the convexity of the multi-pools to further deteriorate.